Gold Technical Analysis: any meaningful rebound likely to get sold into

June 25, 2018

London (June 25)  Struggles to register any meaningful recovery despite reviving safe-haven demand, amid concerns over a full-blown global trade war, and slightly oversold conditions.

   •  An occurrence of death cross on the daily chart, 50-day SMA crossing the very important 200-day SMA from the top, adds credence to last week's bearish break below a medium-term ascending trend-line, extending from Jan. 2017 lows through lows touched in July/Dec. 2017.

   •  Acceptance below 38.2% Fibonacci retracement level of the Dec. 2016-Jan. 2018 up-move ($1123-$1366) further reinforces the bearish the negative outlook and hence, any recovery attempts are likely to get sold into.


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